Question

What is the legal effect of signing a settlement

Q: Answer-What is the legal effect of signing a settlement agreement in arbitral proceedings?

Explanation Section 73. Settlement agreement.3 When the parties sign the settlement agreement, it shall be final and binding on the parties and persons claiming under them respectively.

agreement in arbitral proceedings?

A The settlement agreement is binding only if approved by the arbitral tribunal

B The settlement agreement is final and binding on the parties and those claiming under them

C The settlement agreement is subject to further court approval to become binding

D The settlement agreement is non-binding unless expressly stated otherwise

E The settlement agreement is binding on the parties but not on third parties claiming under them

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What is the legal effect of signing a settlement

Solution